In a time of marked transition for Warner Bros. Discovery, particularly for its TNT Sports, investors have made no secret of their disapproval of CEO David Zaslav earning nearly $1 million per week.
Company shareholders this week strongly rejected Zaslav’s $51.9 million compensation package for 2024 by a roughly 59–41 margin. More than 1.06 billion votes were cast against a “Say on Pay” vote, while 724.5 million were for it.
The vote is only symbolic in nature and is not binding. It will bear watching, however, whether there will be any adjustments to Zaslav’s pay, either retroactively or looking forward, as other companies have made changes in the wake of similar shareholder rebukes.
WBD’s board said in a statement following the vote that it “takes the results of the annual advisory vote on executive compensation seriously. The compensation committee of the board looks forward to continuing its regular practice of engaging in constructive dialogue with our shareholders.”
The compensation issue arises as TNT Sports remains in a period of significant flux, one now heightening after the formal conclusion last week of its live NBA rights after a four-decade run. Under Zaslav, TNT Sports has aggressively sought to reshape its sports portfolio, including picking up rights to the French Open in tennis and several pieces in college sports.
That effort, however, has not fully resonated with investors, as WBD stock is down nearly 8% this year, and by nearly two-thirds since the 2022 merger between AT&T’s Warner Media and Discovery Communications to create the current company. Zaslav, meanwhile, continues to prioritize fully owned intellectual property in entertainment as opposed to acquiring live sports rights for more limited periods.
“Sports is a rental business,” Zaslav said in March.
WBD is also considering a spin-off of its cable networks, similar to what NBC Sports parent company Comcast is now pursuing.
Zaslav’s 2024 pay, up by more than 4% from the year before, included a base salary of $3 million, $23.1 million in stock awards, $23.9 million in bonuses, and $1.9 million in other compensation.
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